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PF rules change for Air India, 7,453 airline employees to receive social security benefits after Tata’s takeover

The approval was granted on 13 January after Air India Ltd utilized for voluntarily cowl beneath the EPF & MP Act 1952

After Tata group’s takeover of the state-owned Air India, the Workers Provident Fund Organisation (EPFO) has onboarded the airline for social safety protection to offer social safety advantages to it is workers.

Air India Ltd had utilized for EPFO protection, which has been allowed. The social safety advantages might be offered to round 7,453 workers for whom contributions have been filed by Air India with EPFO for the month of December 2021, stated EPFO.

The workers of Air India might be entitled to following advantages:

  • The workers will obtain further 2% employer’s contributions of their Provident Fund Accounts at 12% of their wages. Earlier they had been coated beneath the PF Act of 1925, the place the contributions to the Provident Fund was at 10% by employer and 10% by worker
  • EPF Scheme 1952, EPS 1995 and EDLI 1976 will now be relevant to the workers.
  • A assured minimal pension of Rs 1,000/- might be accessible to workers and pensions to household and dependents in case of dying of worker.
  • An assured insurance coverage profit in case of dying of member might be accessible within the vary of minimal Rs.2.50 Lakh and most 7 Lakhs. No premium is charged to the EPFO coated workers for this profit.

Since 1952-53, Air India and Indian Airways had been the 2 separate corporations that had been coated beneath PF Act 1925. In 2007, each the businesses merged into one company- Air India Ltd.

Below the PF Act 1925, good thing about Provident Fund was accessible however there was no statutory pension scheme or insurance coverage Scheme. The workers used to take part in self-contributory annuity-based pension scheme. Based mostly on the scheme parameters, the accumulations was paid to the workers. There was no minimal pension assure and no further profit in case of dying of a member, stated EPFO.

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